Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
First Time Buyers Fail To Shop Around
Almost two thirds of first time buyers accept the first mortgage they are offered and fail to shop around, often missing out on better deals.
Many first time buyers feel pressurized by their estate agents into quickly organizing a mortgage for fear of losing out on a property or are attracted to a low interest rate without looking at the mortgage deal as a whole.
However, with such a vast range of mortgage lenders to choose from, first time buyers are well advised to step back and do a little research before they commit.
There are a number of places to find good mortgage deals:
Speak to your bank
Your bank or building society may provide special offers to their account holders, but don't feel that you have to accept their offer through customer loyalty as there are many other places to look.
Consult with a financial advisor
Financial advisors can offer you a range of mortgage deals to choose from that are appropriate to your circumstances. Some financial advisors offer free advice, but can only provide a limited range of mortgages, through which they earn a commission.
Independent financial advisors will offer a wider range of deals, but you may need to pay them to provide this advice. However, this is often a worthwhile investment, as commission earnings do not influence the advisor, so the mortgage is more likely to meet your requirements.
Get on the net
A search on Google will generate a list of hundreds of UK mortgage providers to choose from. Many will have online mortgage calculators, to give you an idea of your repayments.
Alternatively you can use financial comparison sites, such as MoneySupermarket.com to do the work for you. Simply enter your requirements and let the comparison site search hundreds of providers to provide you with the best deals.
Don't always depend on the rate
Don't always assume that a low interest rate makes a cheap mortgage. Providers often use low rate deals to attract new customers, however you may end up paying more money in the long-term.
Check the small print of the mortgage and find out if you will be penalised financially for opting out of the deal early or if there are any hidden costs.
Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development
Further help for first time buyers
For more information on buying your first home, take a look at our First Time Buyer's Guide.
MORE RESOURCES updated Thu. August / 13 / 2020
Is Now the Time To Refinance Your Mortgage? The New York Times
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
FHFA Drops a Bomb; Your Refi Just Got Much More Expensive! Mortgage News Daily
6 Ways to Negotiate Home Closing Costs Credible News
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
How to Refinance a Jumbo Loan Credible News
What Is A No-Closing-Cost Mortgage? Bankrate.com
5 Unexpected Sources of Retirement Income Dothan Eagle
How the right questions yield smart mortgage... Kent Reporter
How to Decide Whether Refinancing is Right for You? Communal News
Can you refinance your mortgage a second time (or more)? Yahoo Finance
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Low interest rates fueling explosion of bank activity in Spokane The Spokesman-Review
Mortgage refinance: Everything you need to know Fox Business
Bots Help Meet Mortgage Demand Credit Union Times
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana - REBusinessOnline
Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana REBusinessOnline
What to Know in Washington: Trump, Pelosi Make Opposing Bets Bloomberg Government
Report: Fewer Homeowners Think Now Is a Good Time to Buy The Motley Fool
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Sell Rocket Companies: It Is REKT Seeking Alpha
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times